Fed’s Evans: Fed Should Resist Urge to ‘Back Off’

Monetary policymakers must be wary of tightening policy too much and too soon if they are to execute the Federal Reserve’s new average inflation targeting strategy, Chicago Fed President Charles Evans said Wednesday. Evans, in remarks for delivery to the Metals Service Center Institute, repeated that the Fed is now obliged to allow inflation to […]
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FOMC Minutes Show Worry Over Virus Without More Stimulus

The minutes of the mid-September Federal Open Market Committee meeting Wednesday showed Fed Board members and regional bank presidents worried about more intense virus outbreaks and the chance of no near-term government stimulus – weeks before both concerns seemed to be realised. The minutes added almost nothing in the way of fresh insights not already […]
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Fed’s Powell: Preventing Worse Economic Damage

Federal Reserve Chair Jay Powell Tuesday said he is more concerned about preventing worse damage from the pandemic crisis than celebrating any rebound – in fact, saying the economy is slowing and unemployment is worse than indicated. Powell’s main message was that there is an urgency to provide support now when it counts the most. […]
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BoE’s Haskel Ready to Green Light Further Stimulus

A top UK rate-setter Monday expressed his willingness to approve a further loosening of monetary policy, noting the economic benefits of sub-zero interest rates in other jurisdictions. “I stand ready to vote for more stimulus measures should they be needed,” said Jonathan Haskel, external member of the Bank of England’s Monetary Policy Committee, in a […]
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And Finally…

Something that has bemused me a little over the past couple of years is platforms’ desire to throw plenty of resources at the NDF market – it ranks up there in mystification levels with why the authorities insisted on mandatory clearing for such a relatively low-key product. I am not quite sure why I think […]
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In the FICC of It

There’s a behavioural feel to this week’s podcast as Colin Lambert opens up with his views on the number of spoofers being brought to heel by the CFTC. He then moves onto another CFTC-related issue, wondering if questions should be asked of the management team that allowed Citi’s voice monitoring operation to descend into apparent […]
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Data Takes Backstage to Pence vs Harris

Sandwiched between two extremely busy weeks, a quiet period is on tap in the upcoming week – for data at least. After the “pageantry” of the first presidential debate, there is a hope that Wednesday’s undercard debate between Vice President Mike Pence and Senator Kamala Harris will be a bit more low-key and centred on […]
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US Sept Payrolls Up; Unemployment 7.9%

The September employment report Friday showed solid, but softer than expected payrolls improvement and a modest increase in hourly earnings. A sharp drop in local education payrolls was a key factor. At the same time, the unemployment rate fell modestly in the month to 7.9%, still elevated compared to the pre-COVID rate of 3.5% in […]
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White House, Govt Roiled by Trump’s Positive Test

As President Trump and the First Lady are restricted to their living quarters in the White House Friday some of the implications of their COVID-19 diagnoses are being revealed minute by minute. Much, however, has not been disclosed by the White House, including whether the president knew of his close aide’s positive result before he […]
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US Manufacturing Conditions Expand Further

The September ISM index Thursday showed US manufacturing sector activity expanded further, but at a modestly slower rate. The headline PMI index fell to 55.4 from 56.0 in August, below expectations for a further increase to 56.6. The new orders index fell to 60.2 from 67.6 in August, while the production reading fell to 61.0 […]
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